ICICI Bank raises Rs. 15,000 crore through Qualified Institutions Placement of equity shares

ICICI Bank Limited (NSE: ICICIBANK, BSE: 532174, NYSE: IBN) has completed the allotment of equity shares under its Qualified Institutions Placement ("QIP") and raised approximately Rs. 15,000 crore (approximately US$ 2.0 billion) through the issuance of 418,994,413 equity shares at an issue price of Rs. 358.00 per equity share. The issue price represents a 1.9% premium to the floor price determined based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations and a discount of 1.5% to the closing price of the Bank's equity shares on the BSE/NSE prior to the launch of the issue. The equity issuance witnessed healthy participation from the global and domestic investor community, including foreign portfolio investors, domestic mutual funds and insurance companies.

The proceeds of the issue will be used towards strengthening the capital adequacy ratio of the Bank, improving the Bank's competitive positioning and / or general corporate requirements or any other purposes as may be permissible under the applicable law and approved by the Board of Directors of the Bank or its duly constituted committee.

The Bank would like to thank its shareholders for the faith that they have placed in the Bank, and in its brand and franchise. The Bank believes that it is well-positioned to serve the market and benefit from the opportunities that would arise going forward. The Bank continues to be guided by its philosophy of 'Fair to Customer, Fair to Bank' and emphasizes the need to deliver a fair proposition to its customers while creating value for its shareholders. In these extraordinary times of the Coronavirus pandemic, the Bank will continue to strive to serve its customers and also emerge stronger as an institution.

Shares of ICICI BANK LTD. was last trading in BSE at Rs.361.45 as compared to the previous close of Rs. 367.9. The total number of shares traded during the day was 1864622 in over 13085 trades.

The stock hit an intraday high of Rs. 371.75 and intraday low of 354.4. The net turnover during the day was Rs. 682489111.

Source : Equity Bulls

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